If you’re sending money from UK to UAE, it’s important to find the most secure and cost-efficient method to facilitate the transfer. Fortunately, there are numerous ways you can send and receive across borders, so sending money from the UK to any of the seven UAE emirates is easy.

In this article, we examine why and how people send money from UK and UAE and take an in-depth look at some of the most popular ways to transfer funds from the UK to the United Arab Emirates.

Why Send Money to the UAE?

People make international transfers for a wide range of purposes and there are plenty of reasons why you might be sending money from UK to UAE, such as:

  • Gifts to friends and family
  • A luxury purchase
  • Adding funds to your own UAE-based account
  • Paying employees, freelancers or businesses
  • Purchasing a property
  • Moving pension funds if you’re relocating

Whatever the reason, sending money from UK to UAE needn’t be a hassle. By choosing the right method of transfer, you can ensure that your funds arrive safely on time and reduce any costs associated with the transaction.

Sending Money from UK to UAE: Three Transfer Methods

As there is more than one way to send money from the UK to the UAE, you’ll need to examine each option to decide which one is right for you. There are many factors that can determine which transfer method is most appropriate, so what’s best for one transaction may not be the same for future transfers.

By having a good understanding of how international transfers work and what types of transfer you can make from the UK to the UAE, you’ll find it easy to select the best type of transfer for your needs.

When you’re sending money from UK to UAE, three of the most popular transfer methods are:

1. International Money Transfer

International money transfer companies specialise in facilitating cross-border transactions and it’s possible to send funds from the UK to virtually anywhere in the world when you’re using this type of service. You’ll still find international money transfer companies in some in-store locations but it’s easy to access their services online too.

The specific services available vary from one international money transfer to another, so you’ll need to shop around to get the best rates, lowest fees and fastest transactions. While some real-time or same-day transfer options are likely to be available, these are typically more costly than slower transactions. If you don’t need your funds to arrive in the UAE urgently, choosing an international transfer service that completes within days can reduce the cost of making the transfer.

Although international money transfer companies specialise in these types of transactions, this doesn’t necessarily mean that they’re the best option. Firstly, you’ll need to register with an international money transfer company before you can use their services and, if you use multiple companies, you’ll need to register with each and every one.

In addition to this, international money transfer companies tend to charge a flat-fee and/or a commission-based fee to complete the transaction. As different companies charge different fees, it can take quite some time to determine who can offer the best service at the best price.

Perhaps most importantly, international money transfer services are not typically protected under the Financial Services Compensation Scheme (FCSC), so there’s little chance of getting your money back if the firm goes under before your transfer is complete.

2. SWIFT Transfer with PayAlly

Officially known as the Society for Worldwide Interbank Financial Telecommunications, SWIFT is a global messaging system that sends payment orders to recipient banks and financial institutions. Operational in more than 200 countries and territories, the SWIFT system allows 11,000+ institutions to facilitate cross-border transactions.

As a SWIFT transfer may be sent through various intermediary institutions before it reaches its final destinations, it can take up to 3-5 days for the transfer to be completed. However, SWIFT transfers are often finalised more quickly.

Providing you have sufficient funds in your account, there are no minimum or maximum transfer limits, so you can send as much or as little as you like to your intended recipient.

PayAlly clients can easily initiate a SWIFT transfer when sending money from UK to UAE. As a regulated electronic money institution (EMI), you can be confident that your funds are securely held and processed in accordance with national and international regulations.

With customised pricing and forward contracts to secure the best exchange rates, sending an international payment via PayAlly is simple, straightforward and cost-efficient.

3. TARGET2 Transfer

TARGET2 transfers are another way of sending cross-border payments, but it’s worth noting that all TARGET2 transfers are sent in Euros. If you’re sending money from UK to UAE via TARGET2, you will, therefore, need to facilitate an exchange from GBP to EUR and then exchange the money into UAE Dirham or an alternative currency upon its arrival.

Although TARGET2 is managed by the European Central Bank, it connects more than 52,000 financial institutions around the world, including First Abu Dhabi Bank (FAB). Due to this, it can be a viable way to facilitate this type of transfer. However, TARGET2 is usually used to make high-value transfers and the associated costs can be relatively high. Due to this, it’s rarely used to make routine payments.

Start Sending Money from UK to UAE with PayAlly

Our multicurrency bank account gives you easy access to multiple international transfer methods, including SWIFT. Whether you’re making a one-off payment or planning recurring transactions, we can help you to send funds securely to the UAE.

What’s more – our custom pricing and 1:1 support means you can enhance the cost-efficiency of your transaction and access guidance whenever you need it. Combining flexibility and functionality to deliver a full suite of financial solutions, PayAlly makes international payments as easy as local transfers.

To find out more or to apply for a PayAlly account, get in touch with our experienced team now on +44 (0)20 7489 6480 or +44 330 777 2244 or email us at info@payally.co.uk